SANTA FE ― Gov. Michelle Lujan Grisham on Wednesday signed Senate Bill 10, doubling the funding for the state Small Business Investment Corporation, delivering $50 million into new and growing New Mexico small businesses.

For almost two decades, the self-sustaining SBIC has supported small businesses across New Mexico through loans to finance business expansion and job creation.

Both chambers overwhelmingly approved the legislation.

“This is a perfect example of a reasonable permanent fund pinch on the front-end, an ocean of meaningful investment on the back-end,” Gov. Lujan Grisham said. “I am committed to a thriving small-business community in New Mexico. This legislation underscores that commitment, completing a promise I made during my campaign and demonstrating our eagerness to create good jobs and foster community-anchoring business growth.”

“We should be doing everything we can to help small businesses in New Mexico flourish, because when they prosper everyone wins,” bill sponsor Sen. Carlos Cisneros said. “By doubling our funding for the SBIC we will be dramatically increasing our investments in small businesses across the state and committing to their success. I want to thank Governor Lujan Grisham for her support for this bill and what it represents to our small business owners.”